Panama announces $1.11 billion fund to aid banks

Panamanian President Martin Torrijos said on Wednesday the government will create a $1.11 billion fund to help local banks struggling to tap tight international credit markets.

Torrijos said in a speech the fund would be set up by loans from the Andean Development Corporation (CAF), the Inter-American Development Bank and the National Bank of Panama to aid cash-strapped banks operating in the country if needed.
creased profits of 20 and 30 percent in 2007 and 2008, respectively.

$2 billion more in deposits in last quarter

In the last quarter of this year, amid the heat of the financial crisis, total deposits of both the international banking center ($ 47.1 billion) and the national banking system ($ 39.2 billion) increased by just over $ 2 billion or 4 %

The information was provided by the Superintendent of Banks, Olegario Barrelier in the act of handing over command of the Banking Association, where he also said that liquidity in the system increased from 59% to 64%

Panama among World's Top Destinations

Panama is among the world's top ten tourist destinations to be visited in 2009, according to the ranking published on the website of Budget Travel.

Panama's Tourism Authority (ATP) said the publication acknowledged that the country is a fast-growing destination in Central and South America, reporting increased profits of 20 and 30 percent in 2007 and 2008, respectively.

2009 will be a good year for tourism

Jaime Campuzano, president of the Panamanian Chamber of Tourism (CAMTUR), told The Post that investments always bring visitors to Panama, but in an election year, investors tend to wait until the inauguration of the new president. In Panama's case, that will take place on July 1.

Panama has a history of maintaining the legal security of investments, so the change of government is not expected to affect the number of visitors. The country closed 2008 with 1.6 million entries. That's a growth rate of 17 percent, one of the largest in the region and the world, generating nearly $2 billion of revenue.

Canal Expansion project guarantees environmental protection

The $5.25 billion project to increase the capacity of Panama's interoceanic waterway has the support needed to mitigate or avoid possible negative effects on the ecosystem and nearby communities, while also presenting an opportunity for archeological and cultural discoveries

According to ACP's experts, the expansion project presents a once-in-a-lifetime opportunity that cannot be passed up to secure the environmental future of the canal area. Besides being a vitally important policy, guaranteeing the environmental stewardship of the route was a prerequisite to secure $2.3 billion of international financing for the project.

PanaExpo 2009 to be held in Canada

Source: Centralamericadata.com, Dec 15, 2008

Some 50 Panamanian companies will be participating in PanaExpo 2009, a fair that is held in Canada.

Vladimir Reznik, executive director of PanaExpo, said that for the second version of the fair which is scheduled for April 2009, they will not only have real estate companies participating, but also those from the tourism and government sectors.

Russian Businessmen visit Panama

Source: Centralamericadata.com, Dec 10, 2008

The trade mission, made up of 14 companies from several sectors, are exploring the facilities for investment in Panama.

The Russian delegation included members from the real estate, fisheries, banking and insurance sectors, and others, and is exploring the Panama market since December 4 for potential short term investments.